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MORTGAGE LOANS RECEIVABLE (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Mortgage Loans Receivable Outstanding by Loan Type and Activity for Mortgage Loans Receivable
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2024December 31, 2023
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Total residential mortgage loans, HFI, at fair value$434,474 $365,398 8,070 8.1 %5.2$379,044 
Acquired performing loans(B)
64,851 54,056 1,841 8.0 %5.357,038 
Acquired non-performing loans(C)
24,609 20,359 302 8.5 %6.021,839 
Total residential mortgage loans, HFS, at lower of cost or market
$89,460 $74,415 2,143 8.1 %5.5$78,877 
Acquired performing loans(B)(D)
$542,335 $490,552 2,979 5.7 %15.8$400,603 
Acquired non-performing loans(C)(D)
294,077 271,316 1,501 4.8 %23.1204,950 
Originated loans2,864,943 2,929,832 9,029 6.8 %29.51,856,312 
Total residential mortgage loans, HFS, at fair value
$3,701,355 $3,691,700 13,509 6.5 %27.0$2,461,865 
Total residential mortgage loans, HFS, at fair value and lower of cost or fair value
$3,790,815 $3,766,115 $2,540,742 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(C)As of March 31, 2024, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (D) below.
(D)Includes $228.6 million and $222.7 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA.
The following table summarizes mortgage loans receivable outstanding by loan type as of March 31, 2024:
Carrying
Value(A)
% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
Construction$1,047,688 43.9 %36526.1 %10.9 %16.8
73.4% / 62.3%
Bridge1,037,056 43.5 %63845.7 %9.9 %27.268.1%
Renovation300,000 12.6 %39428.2 %10.3 %12.6
81.2% / 68.4%
$2,384,744 100.0 %1,397100.0 %10.4 %20.5N/A
(A)Mortgage loans receivable are carried at fair value under the fair value option election. See Note 19 regarding fair value measurements.
(B)Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity for the period for mortgage loans receivable:
Balance at December 31, 2023$2,232,913 
Initial loan advances468,805 
Construction holdbacks and draws180,893 
Paydowns and payoffs(505,091)
Fair value adjustments14,873 
Purchased loans discount amortization588 
Transfer of loans to REO(8,237)
Balance at March 31, 2024$2,384,744 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023
$398,227 $31,323 $429,550 
Fundings— — — 
Payment in Kind— 1,094 1,094 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair value adjustments due to:
Changes in instrument-specific credit risk— — — 
Other factors— — — 
Balance at March 31, 2024
$364,977 $27,997 $392,974 
Schedule of Difference Between Aggregate UPB and Aggregate Carrying Value of Loans
The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans 90 days or more past due:
March 31, 2024December 31, 2023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
90+$382,646 $344,488 $(38,158)$313,122 $281,556 $(31,566)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of mortgage loans receivable:
March 31, 2024December 31, 2023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,329,505 $2,344,877 $15,372 $2,184,470 $2,183,047 $(1,423)
90+41,264 39,867 (1,397)49,929 49,866 (63)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2024December 31, 2023
Days Past DueUPB
Carrying
Value(A)
Carrying Value Over (Under) UPBUPB
Carrying
Value(A)
Carrying Value Over (Under) UPB
Current$531,394 $392,974 $(138,420)$565,786 $429,550 $(136,236)
90+— — — — — — 
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Geographic Distribution of the Underlying Mortgage Loans Receivable
The following table summarizes the geographic distribution of the underlying mortgage loans receivable as of March 31, 2024:
Percentage of Total
Loan Commitment
State ConcentrationMarch 31, 2024December 31, 2023
California49.9 %48.2 %
Washington6.5 %7.9 %
Florida6.5 %7.3 %
New York6.5 %6.5 %
Colorado4.7 %2.4 %
Arizona4.1 %5.0 %
Virginia4.1 %4.7 %
Texas3.3 %3.5 %
Georgia2.8 %2.3 %
Illinois2.4 %2.5 %
Other US9.2 %9.7 %
100.0 %100.0 %